Evli to finance more than 40 new solar power plants in Spain and Portugal with Recap and Triodos Bank

Evli has agreed on project financing for rooftop solar with Recap and Triodos Bank. The total investment worth 25 million euros will finance the building of more than 40 photovoltaic facilities in Spain and Portugal.

The portfolio will consist of more than 40 photovoltaic plant installations that will be built between 2023 and 2024 for self-consumption of companies in sectors including food, construction, recycling, or the pharmaceutical industry, among others. The facilities will have a total capacity of 40-50 MW and an expected production of 60 GWh per year.

Evli will implement the financing in collaboration with Triodos Bank and Recap Energy. Triodos Bank is a European leader in ethical and sustainable banking, and it operates in more than 40 countries all over the world. Triodos Bank is a co-founder of the Global Alliance for Banking on Values, a network of 56 sustainability-leading banks worldwide that promote a renewal of the financial system from a sustainable approach. 

Recap Energy is a Swedish company that provides flexible financial solutions for commercial and industrials to reduce their energy costs through the rooftop solar PPA solution. In addition to Sweden, Recap operates in Spain, Portugal, Colombia, Brazil, and India.

“This collaboration is a great opportunity for us to continue working together with Recap and expand the previously proved business model to the next level. Providing self-consumption solar PV plants to clients in different industries, without the need for an initial investment from the consumer, is one important way to make the whole energy system sustainable. We are very happy that Triodos is enabling this expansion”, says Daniel Pasternack, senior advisor at Evli Renewable Energy Infrastructure Fund II.

Clean energy without initial investment

The produced electricity is sold through long-term power purchase agreements (PPAs) with energy consumer companies (off-takers). Once the power purchase agreement has ended the installation will become the property of the consumer companies. 

“The long-term energy sales contracts allow companies to immediately reduce their energy costs without making investments or taking on debt. In this way, we facilitate decarbonization for all types of companies, which is key to accelerating the energy transition”, says Miguel Angel Amores, Renewable Energy and Environmental Technologies Manager at Triodos Bank Spain.

“By offering an off-balance financing to the commercial and industrials they can enjoy the savings of a solar plant without affecting the investment budgets in their own business. We are very happy to have Triodos Bank and Evli by our side in this business to support the energy transition of the industry in Spain and Portugal”, continues Marco Berggren, Founder and CEO of Recap Energy.

Read more about Evli Renewable Energy Infrastructure Fund II


Additional information:
Daniel Pasternack, senior advisor, Evli Renewable Energy Infrastructure Fund II, Evli Oyj, plc. +358 50 569 3416, daniel.pasternack@evli.com